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1Q 2021 Investor Presentation

Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Operating Margin Guidance Reconciliation Projected Operating Margin - U.S. GAAP Depreciation & Amortization Restructuring Projected Adjusted Operating Margin Free Cash Flow Reconciliation 2021F1 Approximately 46% Approximately 4% Negligible Approximately 50% (in $ millions) 2016 2017 2018 2019 2020 2021F1 Net cash flows from operating activities $1,259 $755 $1,461 $1,675 Less: Capital expenditures 115 91 91 69 Free Cash Flow $1,144 $664 $1,370 $1,606 $2,146 103 $2,043 $2,200 $2,300 ~100 $2,100 $2,200 1. Guidance as of April 28, 2021. Moody's | Better decisions 1Q 2021 Investor Presentation 75

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